Payroll Tax Deal Deadline Looms

ABC's Sunlen Miller reveals backup plan for a deal if current negotiations fail.
2:37 | 02/14/12

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Transcript for Payroll Tax Deal Deadline Looms
We turn to Washington -- battle over the federal budget President Obama introduced his plan for 2013. Which features spending on jobs and transportation. And new taxes on the rich Republicans call that nothing more than a campaign document. And they are preparing their own alternative the president's version has little chance of being passed. Gridlock on Capitol Hill I can't imagine that in -- Well without action by congress by the end of this -- just days from now payroll taxes will get will rise. For a 160. Million Americans -- if this sounds a little like Groundhog Day a little familiar it's the same battle that took place on Capitol Hill at the end of last year. ABC -- Miller is joining us this morning with more. I'm -- state someone. Good morning Robin -- the payroll tax credit expires on March 1. Negotiators have been working all month to broker -- deal for the yearlong extension. But -- now in a standstill. And backup plans are already been written. Before they -- This committee is quickly losing confidence -- Negotiators are deadlocked the clock is ticking for them to find a yearlong extension for the payroll tax credit I'm trying to put the best face on -- the reality -- That as of today we haven't made much progress. Republicans argue that the payroll tax holiday should be offset. With spending cuts but Democrats want the GOP to agree to a surtax on millionaires this -- could have a real difference for your paycheck. If the committee fielding congress let the tax credit expire American shall see on average forty dollars less -- paychecks starting in March. Congress needs to stop this middle class tax -- from -- Period. No drama there congressional leadership is now taking steps in case the committee -- On Monday house Republicans announced they will introduce a backup plan this week. A major spending -- -- -- that would extend the payroll tax cut for the rest of the year without offsetting the cost. -- -- cuts elsewhere. And blamed Democrats even before failure and on the committee if Democrats continue to refuse to negotiate in good faith Republicans may scheduled this measure for -- consideration. Later this week. House Republican leadership said in his statement from my senate majority leader Harry Reid is also threatening a senate democratic Bryant on the -- -- the week later -- with. Now importantly can support this means both the house in the senate Democrats and Republicans all have a backup plan what they don't have though is if you like. Past both parties will meet today they hope to broker a deal by the end of the week.

This transcript has been automatically generated and may not be 100% accurate.

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